- MG Motor has announced the launch of its foray into NFT.
- The company will start the sale of 1,111 units of digital creatives in total.
First Car Maker MG Motor has announced the launch of its foray into the non-fungible token (NFT).
In addition, the company revealed that it will begin the sale of a total of 1,111 units of digital creatives; His art, which includes GIFs and still images, will be auctioned and the NFT collection will begin selling on December 28, 2021.
MG Motor India Commercial Director Gaurav Gupta said:
With this new initiative, we take a step towards socializing with the NFT teams. Ready to bring together MG owners, fans, MGCC members and the wider community to celebrate and own the priceless digital designs in their many forms.
Additionally, MG’s NFTs will be divided into four divisions. This includes collectibles, community and diversity, collaborative art, and CaaP (Car-as a-Platform). Furthermore, MG also claims that its NFTs will be the future of collaborative technology. Gupta added about the proceeds from the first auction to support girls’ education under the MG Sewa program.
MG Motor India will enter the NFT space through KoineArth’s NgageN platform. According to government regulations, transactions will not be made in cryptocurrencies, but through Indian fiat rupees.
KoineArth founder Prafull Chandra said:
Our partnership with MG Motor on its first trip to the NFT is an exciting time for us. At KoineArth, we are committed to creating timeless legacies for the most iconic brands through trusted NFTs.
Furthermore, Chandra added that his portfolio with MG will be related to INR and also to a complaint from GST, which is a one-time authentication certificate for buyers using blockchain technology. In fact, he adds: “We look forward to a fruitful partnership with the brand and to build on the momentum of NFT.”
In particular, several brands such as Budweiser, Pepsi, Coca-Cola, Burger King and McDonald’s NFT have launched exclusives to keep up with the growing interest of users in digital collectibles.
Also, many Bollywood celebrities in India like Amitabh Bachchan, Rajinikanth, Cricketer Sunil Gavaskar and many others have launched NFT.